From the 5/21/18 WeThrive announcement:
IL: Long-term care insurance (LTCi) Partnership starting May 20
For FRs serving Illinois
Since the launch of Thrivent’s long-term care insurance product, we’ve been working with Illinois regulators to pursue additional Partnership eligibility for our increase benefit riders.
The rules for Partnership qualification, which are effective for new contracts issued May 20 and later, depend on the applicant’s issue age:
- Issue age 60 and under: 3% Annual Increase Benefit (AIB), 5% AIB or Flexible Increase Benefit (FIB)
- Issue ages 61 to 75: 3% AIB, 5% AIB or FIB
- Ages 76+: inflation protection is optional
At a later date to be determined, Thrivent will retroactively recognize the Partnership eligibility for contract holders who purchased the increase benefit rider since the launch of the 2012 product. For contracts previously issued with the FIB rider, see the State Specific Partnership Requirements document for details on how to maintain Partnership qualification after issue.
Impacted contract holders will receive a notification letter along with any required disclosures, point-of-sale materials and revised contract pages when needed. (You will receive a copy of the letters.)
Remember that each state has unique Partnership eligibility requirements. For details, refer to the State Specific Partnership Requirements document, which is located under the “Application and Forms” tab on the Thrivent Producer Website.